Cowen Boosts Apple (NASDAQ:AAPL) Price Target to $400.00

Apple (NASDAQ:AAPL) had its target price hoisted by Cowen from $335.00 to $400.00 in a report issued on Monday morning, BenzingaRatingsTable reports. Cowen currently has an outperform rating on the iPhone maker’s stock.

Several other research analysts also recently commented on the stock. Deutsche Bank raised their price target on shares of Apple from $320.00 to $350.00 and gave the company a buy rating in a report on Wednesday, June 10th. Credit Suisse Group lifted their price objective on Apple from $260.00 to $295.00 and gave the company a neutral rating in a research note on Friday, June 5th. Morgan Stanley upped their target price on Apple from $326.00 to $340.00 and gave the stock an overweight rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. reiterated a buy rating and set a $365.00 price target on shares of Apple in a research report on Wednesday, June 10th. Finally, Loop Capital decreased their price objective on shares of Apple from $325.00 to $280.00 and set a hold rating on the stock in a research report on Monday, April 20th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-eight have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $324.55.

Shares of AAPL opened at $360.06 on Monday. Apple has a 52-week low of $192.58 and a 52-week high of $372.38. The stock’s 50-day simple moving average is $325.68 and its 200 day simple moving average is $297.06. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.46 and a current ratio of 1.50. The stock has a market capitalization of $1,588.66 billion, a price-to-earnings ratio of 28.24, a price-to-earnings-growth ratio of 2.65 and a beta of 1.18.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.26 by $0.29. Apple had a return on equity of 64.49% and a net margin of 21.35%. The firm had revenue of $58.31 billion for the quarter, compared to analysts’ expectations of $54.64 billion. During the same period in the prior year, the business posted $2.46 earnings per share. The company’s revenue was up .5% on a year-over-year basis. On average, research analysts forecast that Apple will post 12.32 earnings per share for the current fiscal year.

In other Apple news, insider Chris Kondo sold 4,491 shares of Apple stock in a transaction on Friday, May 8th. The stock was sold at an average price of $305.62, for a total transaction of $1,372,539.42. Following the completion of the transaction, the insider now owns 7,370 shares in the company, valued at $2,252,419.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Deirdre O’brien sold 9,137 shares of Apple stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $285.12, for a total value of $2,605,141.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,752 shares of company stock worth $24,750,125. Corporate insiders own 0.05% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd raised its holdings in Apple by 2,180.0% in the fourth quarter. Altshuler Shaham Ltd now owns 114 shares of the iPhone maker’s stock worth $33,000 after buying an additional 109 shares during the last quarter. Stralem & Co. Inc. bought a new stake in shares of Apple during the first quarter valued at approximately $39,000. Sycomore Asset Management purchased a new position in Apple in the 1st quarter worth approximately $50,000. Heard Capital LLC purchased a new position in Apple in the 1st quarter worth approximately $51,000. Finally, Sofos Investments Inc. lifted its position in Apple by 16.9% in the 1st quarter. Sofos Investments Inc. now owns 940 shares of the iPhone maker’s stock valued at $99,000 after acquiring an additional 136 shares in the last quarter. Institutional investors own 62.04% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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